SPY vs USA: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Liberty All-Star Equity Fund (USA) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and USA?
On 3 years of weekly data the SPY/USA correlation comes out at 0.85, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. The 5-year figure is 0.85, and annualized covariance runs at 186.7 %².
Among the 4755 assets we track against SPY, USA ranks #35 by 3-year correlation. The last year tells two different stories: SPY led by 19.0 percentage points, +20.6% for SPY against +1.6% for USA.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
SPY vs USA: side by side
| SPY (SPDR S&P 500 ETF Trust) | USA (Liberty All-Star Equity Fund) | |
|---|---|---|
| 1-year return | +20.6% | +1.6% |
| 5-year return | +82.4% | +18.1% |
| Volatility (ann.) | 14.5% | 15.2% |
| Beta vs S&P 500 | 1.00 | 0.89 |
| Max drawdown (3Y) | -18.8% | -17.7% |
| Market cap | – | – |
| P/E (trailing) | – | 10.7 |
| Dividend yield | 1.01% | 11.19% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | USA |
|---|---|---|
| 2022 | -18.2% | -25.2% |
| 2023 | +26.2% | +23.2% |
| 2024 | +24.9% | +20.8% |
| 2025 | +17.7% | +0.1% |
| 2026 | +13.7% | +3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and USA good diversifiers for each other?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between SPY and USA?
As of 2026-08-27, the correlation of weekly returns between SPY and USA is 0.85 over 3 years, 0.84 over 1 year and 0.85 over 5 years.
Is USA a good diversifier for SPY?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.85 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: SPY correlations · USA correlations
